Karrot Market Valuation, Funding & Investors
Karrot Market is valued at $2.7B as of August 2021.
Last Karrot Market valuation
$2.7B
Series D · Aug 2021
Last Karrot Market funding round
$162M
Series D · Aug 2021
Cumulative funding Karrot Market raised
$235M
across 5 funding rounds
Key investors in Karrot Market
Kakao Ventures
Capstone Partners
Strong Ventures
Goodwater Capital
Altos Ventures
SBVA
About Karrot Market
Karrot Market is a Seoul-based hyperlocal marketplace app for secondhand goods. Launched in 2015 as Danggeun Market, the platform facilitates neighbor-to-neighbor trading in categories like fashion, electronics, and home items. Available in South Korea, United States, Canada, United Kingdom, and Japan, Karrot emphasizes location-based matching to promote local economies. Features include in-app chat, photo verification, and dispute resolution tools. The service supports eco-conscious reuse through community guidelines.
Founded
2015
HQ
SeoulWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Valuation
$2.7B (Aug 2021)
Karrot Market Valuation
Karrot Market is currently valued at $2.7B, based on its Series D in August 2021.
The $162M round was led by DST Global, with participation from Strong Ventures, Kakao Ventures, SBVA, Goodwater Capital, Capstone Partners and 3 other investors.
Karrot Market's valuation has grown 64x from $42M at its Series B in May 2018 to $2.7B in August 2021, across 3 priced rounds.
Karrot Market valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2021 | Series D | $2.7B |
| Sep 2019 | Series C | $285M |
| May 2018 | Series B | $42M |
Karrot Market Funding History
Karrot Market has raised a total of $235M across 5 funding rounds.
Karrot Market's first fundraising round was a $1M Series A in December 2016. The most recent completed round was a $162M Series D in August 2021.
Karrot Market funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2021 | Series D | DST Global (lead); Strong Ventures; Kakao Ventures; SBVA; Goodwater Capital; Capstone Partners; Reverent Partners; Altos Ventures; Aspex Management | $162M | $2.7B | Danggeun Market Inc., the company behind the hyperlocal community app Karrot (also known as Danggeun Market in Korea, meaning 'carrot'), operates a leading mobile C2C marketplace focused on local neighborhoods in South Korea. Founded in 2015 by Gary Kim and Paul Kim, Karrot enables users to buy and sell secondhand goods, fresh produce, and services within their communities, and has expanded to include O2O services for approximately 300,000 local SMB partners in areas like cleaning, education, real estate, and used cars. On August 17, 2021, Danggeun Market raised $162 million (approximately 178.9 billion KRW) in a Series D funding round led by DST Global, achieving a post-money valuation of $2.7 billion USD and unicorn status. New investors included Aspex Management (also referred to as Spex Management) and Reverent Partners (also Leverant Partners), alongside existing backers Altos Ventures, Goodwater Capital, SoftBank Ventures Asia (SBVA), Kakao Ventures, Strong Ventures, and Capstone Partners. This followed a $33 million Series C in June 2020, bringing total funding to $205 million. The funds are earmarked for technology advancements including AI and machine learning for personalized feeds, hiring talent, domestic and overseas marketing, global expansion (already operating in 72 regions across the UK, US, Canada, and Japan), and launching Karrot Pay payment service later that year to strengthen local commerce capabilities. Co-CEO Kim Yong-hyeon emphasized scalability as a local super app, while DST Global's John Lindfors highlighted Karrot's dominance in Korea's mobile C2C market and potential for international growth. Investors valued the company highly based on its user engagement, frequent app visits, and market creation in hyperlocal commerce, with potential seen even in the Korean market alone before global scaling. Future plans include further global user growth and transactions before considering additional funding or IPO after achieving stable profits. |
| Jun 2020 | Series C | Goodwater Capital (lead); Altos Ventures | $33M | - | Karrot Market (also known as Danggeun Market) is South Korea's largest used goods e-commerce marketplace, operating as a neighborhood social app that enables users to buy and sell goods and services locally using nicknames or IDs for privacy, with adjustable residence ranges and keyword-based product searches. The company was established in 2015 and received 40 billion won ($33.5 million) in funding in September 2019 from investors including Altos Ventures, Goodwater Capital, Softbank Ventures, Kakao Ventures, Strong Ventures, and Capstone Ventures. Goodwater Capital is noted as an investor in the Seoul-based Karrot app as part of its global portfolio focused on consumer tech. Later developments show Karrot's growth, with a 2021 funding round valuing the company at US$2.17 billion and recent private market share sales implying valuations of US$1.8 billion to US$2.0 billion (2.5 to 2.7 trillion won). The company has scaled significantly in sales and profits amid economic challenges, with millions more users engaging in local transactions. Local reports suggest a potential IPO as early as 2025, positioning it as the largest used goods platform in Korea. |
| Sep 2019 | Series C | Strong Ventures; Kakao Ventures; SBVA; Goodwater Capital; Capstone Partners; Altos Ventures | $34M | $285M | Karrot Market (Danggeun Market) is the largest used goods e-commerce marketplace in Korea, established in 2015. It enables users to buy and sell goods and services locally using nicknames or IDs, with adjustable residence ranges and keyword-based product searches for quick purchases. In September 2019, the company raised 40 billion won ($33.5 million) from investors including Altos Ventures, Goodwater Capital, Softbank Ventures (SBVA), Kakao Ventures, Strong Ventures, and Capstone Ventures. The platform has scaled significantly in recent years with increased user adoption amid economic challenges, focusing on affordable local transactions. Karrot's last disclosed funding round was in 2021 at a $2.17 billion valuation, with recent private market share sales valuing it at $1.8-2.0 billion, though these are unrelated to the 2019 round. |
| May 2018 | Series B | SBVA (lead); Strong Ventures; Kakao Ventures; Capstone Partners | $5M | $42M | - |
| Dec 2016 | Series A | Kakao Ventures (lead); Strong Ventures; Capstone Partners | $1M | - | - |
Who has invested in Karrot Market?
9 investors have backed Karrot Market across its funding rounds, including Kakao Ventures, Capstone Partners, Strong Ventures, Goodwater Capital, Altos Ventures and SBVA.
Lead investors include DST Global, Goodwater Capital, SBVA and Kakao Ventures.
Karrot Market Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Los Angeles, CA | 4 | Participant | Dec 2016 | |
| Seongnam | 4 | Lead | Dec 2016 | |
| Seoul | 4 | Participant | Dec 2016 | |
| Seoul | 3 | Lead | May 2018 | |
| San Francisco, CA | 3 | Lead | Sep 2019 | |
| San Francisco, CA | 3 | Participant | Sep 2019 | |
| Seoul | 1 | Participant | Aug 2021 | |
This data is available for Pro users. Sign up to see all 9 Karrot Market investors. Start Free Trial | ||||
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Start Free TrialInvestments by Karrot Market
Karrot Market has invested in 1 company to date.
Latest investment by Karrot Market was on September 23rd 2021. Karrot Market invested in Naamezip in their $900K Seed round.
Latest Investments by Karrot Market
| Description | Naamezip is a platform hosting virtual and in-person events to foster conversations among professionals. The community organizes networking meetups, webinars, and workshops focused on career growth and industry trends. Naamezip operates primarily in the United States with chapters in New York and San Francisco. |
| HQ Country | |
| HQ City | Seongnam |
| Deal Date | 23 Sep 2021 |
| Round | Seed |
| Raised | $900K |
| Investors | - |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Karrot Market investments and their VC round multiples. Start Free Trial | |
Karrot Market Competitors
Karrot Market competitors include listed companies like Seek, Visional, TX Group and CarTrade Tech, and private ones like Chehaoduo and OPay.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Australia | Publicly listed | $914M | ($63M) | $3.1B | 4.5x | |
 Japan | Publicly listed | $515M | $157M | $2.2B | 2.6x | |
 Switzerland | Publicly listed | $1.1B | $310M | $2B | 2.1x | |
 India | Publicly listed | $81M | $33M | $1.5B | 15.6x | |
 Beijing | Private | - | - | $10B | - | |
 Lagos | Private | $38M | - | $2.8B | 73.7x |
Karrot Market Public Comps
Karrot Market is still privately-owned, but its public comps include People, Urban Company, Goto Gojek Tokopedia, Rasan, Seek, Stubhub, Tongcheng Travel, Visional, TX Group and Ziff Davis.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.4B | $122M | 1.3x | 1.6x | 25.4x | 11.3x | |||
| $162M | ($26M) | 14.4x | 12.3x | (90.6x) | (72.0x) | |||
| $1B | ($16M) | 2.0x | 1.7x | (125.5x) | 13.1x | |||
| $174M | $73M | 16.1x | 11.0x | 38.6x | 25.9x | |||
| $914M | ($63M) | 4.2x | 4.5x | (61.7x) | 10.2x | |||
| $1.7B | ($1.4B) | 1.4x | 1.3x | (1.7x) | 6.7x | |||
| $2.9B | $659M | 0.7x | 0.7x | 3.0x | 2.6x | |||
| $515M | $157M | 3.3x | 2.6x | 10.8x | 9.3x | |||
This data is available for Pro users. Sign up to see all Karrot Market competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Karrot Market
| When was Karrot Market founded? | Karrot Market was founded in 2015. |
| Where is Karrot Market headquartered? | Karrot Market is headquartered in Seoul, South Korea. |
| Is Karrot Market publicly listed? | No, Karrot Market is a private, VC-backed company. |
| What is Karrot Market's valuation? | Karrot Market was last valued at $2.7B in its Series D in August 2021. |
| How much funding has Karrot Market raised? | Karrot Market has raised $235M across 5 funding rounds. |
| What was Karrot Market's last funding round? | Karrot Market's last funding round was a $162M Series D in August 2021, led by DST Global. |
| Who are Karrot Market's investors? | Karrot Market's investors include Strong Ventures, Kakao Ventures, Capstone Partners, SBVA, Goodwater Capital, Altos Ventures, Reverent Partners, DST Global and Aspex Management. |
| Which companies are comparable to Karrot Market? | Companies comparable to Karrot Market include Seek, Visional, TX Group, CarTrade Tech, Chehaoduo and OPay. |
| How many companies has Karrot Market invested in? | Karrot Market has invested in 1 company, including Naamezip. |
| What was Karrot Market's last investment? | In September 2021, Karrot Market invested in Naamezip's $900K seed round. |
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